Insurance Company

Business Continuity & IT Disaster Recovery Planning for Financial Services

Teed consultants have worked extensively with banks, building societies, insurance companies and insurance brokers, helping them to develop, implement and exercise their business continuity plans.

For organisations regulated by the relevant authorities (the Financial Conduct Authority and the Prudential Regulation Authority), there is an expectation for companies operating in finance and insurance to have effective business continuity management in place. This has led to this sector generally being somewhat more mature in their level of business continuity preparedness than others. Therefore, there is an expectation that best practice is adhered to and BCM is embedded within an organisation sufficiently to ensure that all individuals fully understand their pre and post incident responsibilities.

Established banks, building societies, investment companies and insurers in the UK tend to have individuals and teams dedicated to managing effective business continuity and ICT service continuity within the organisation. Teed consultants will therefore tend to be asked to provide specific services that help support this effort such as independent audits or assurance reviews, facilitating incident management exercises at an Executive Team level, provision of training/awareness workshops and advising on effective ways to make best use of the BCM budget.

Less established finance and insurance organisations and those based outside of the UK will often ask Teed consultants to facilitate a business continuity project from start to finish. Whilst carrying out this work we will pass on knowledge, methods and guidance material that will allow internal staff to manage the ongoing work required to keep plans up to date. Although we have finance/insurance clients who retain us as part of the BCM support function, we will typically be asked to just come in once or twice a year to provide exercises, reviews or training.

Teed have gained an excellent understanding of the issues and threats faced by companies within the finance and insurance sector. A number of our consultants have all previously worked in the insurance industry in insurance broking and business continuity management roles – this allows us to draw upon several decades of additional relevant experience when supporting client projects.